A and B are in partnership sharing profits and losses equally. The partnership deed also allows interest on capital at the rate of 5% per annum. B is entitled to a partnership salary of 300 per annum. If A contributes 2000 and B ,800, and if the net trading profit before the adjustment mentioned above, is 850, show the profit and loss Appropriation Account. Show also the Balance Sheet entries to reflect these

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03-06-2024
Business

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A and B are in partnership sharing profits and losses equally. The partnership deed also allows interest on capital at the rate of 5% per annum. B is entitled to a partnership salary of 300 per annum. If A contributes 2000 and B ,800, and if the net trading profit before the adjustment mentioned above, is 850, show the profit and loss Appropriation Account. Show also the Balance Sheet entries to reflect these

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